17.08.201714:36:00UTC+00Crude Oil Rebounds On Signs Of U.S. Production Slowdown

Crude oil futures steadied Thursday as traders bet recent losses were overdone considering the significant drop in U.S. inventories.

WTI light sweet crude oil was up 35 cents at $47.14 a barrel.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 8.9 million barrels for the week ended Aug. 11 -- almost triple our forecast for a decline of 3 million barrels.

The American Petroleum Institute (API) reported a huge draw of 9.2 million barrels in United States crude oil inventories-the biggest draw since September 2016.

Oil sold off earlier in the week as OPEC reported its production continued to rise despite its supply quota deal with Russia. Analysts remain unconvinced that OPEC can re-balance the global oil markets without full participation from all cartel members.Crude oil futures steadied Thursday as traders bet recent losses were overdone considering the significant drop in U.S. inventories.

WTI light sweet crude oil was up 35 cents at $47.14 a barrel.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 8.9 million barrels for the week ended Aug. 11 -- almost triple our forecast for a decline of 3 million barrels.

The American Petroleum Institute (API) reported a huge draw of 9.2 million barrels in United States crude oil inventories-the biggest draw since September 2016.

Oil sold off earlier in the week as OPEC reported its production continued to rise despite its supply quota deal with Russia. Analysts remain unconvinced that OPEC can re-balance the global oil markets without full participation from all cartel members.